What You Need To Know Before Buying Cryptocurrency?
Cryptocurrencies are in super trend these days,More and More People are attracting towards the Cryptocurrencies. Before you take the Decision of Buying Cryptocurrency it’s important to do proper research and educate yourself about the things that is necessary to consider before buying any cryptocurrency.
Let us start with what is Crypto-currency ?
Cryptocurrencies are digital money that exists entirely online and not tied to any country, bank, Financial Institution or any governing body. It can be transferred between individuals without any need of any financial intermediaries. They are also called virtual coins.There are so many cryptocurrencies like Bitcoin (the first and most popular), Litecoin, Ethereum,Ripple, Ethereum Classic etc.
These days the demand for cryptocurrency is growing steadily. Before buying any crypto coins, you need to research. Its necessary to Look at the coins fundamentals, The price graph of coins , The road map etc.
Because Cryptocurrencies are not tied to any financial institution. There are so many things to be considered before buying cryptocurrencies.
The Advantages of Buying cryptocurrency
The cryptocurrencies have become so popular and more and more people are buying cryptocurrencies because there are major benefits and advantages of buying the digital currency instead of any traditional currency or assets.
1. Better way to protect wealth against instability:- Cryptocurrency is the best way to protect the wealth from any of the risk of currency instability. Buying cryptocurrency means protecting your wealth assets that is removed from the risks of government, bank and currency collapse. Cryptocurrency is the good way to protect your wealth as no government can seize it.
2. No taxes: — As cryptocurrency doesn’t belong to any country, any government So you don’t need to pay any tax if you buy cryptocurrency and it its value grow up. As there are so many tax free investments but cryptocurrency is definitely one of them.
3. Anonymity: — The different features of cryptocurrency make it attractive as it is an anonymous currency. There is a transaction record of each and every transaction but it’s encrypted, so it’s not easy to know about the buyer and seller of cryptocurrency .This is totally opposite to traditional payment methods like making payment with credit cards, debit cards. In traditional payment system there is a record the details of each and every transaction including the information of buyer and seller.
4. Protection against fraud. Because of its anonymous nature, it’s not easy to counterfeit. As these days the theft are common. So it’s an advantage for Businessmen to ensure high quality and secure transactions. As with traditional transaction system there is problem of theft is common and it’s easy to counterfeit cheques, money, credit card, debit card .
5. Universal access: — Cryptocurrency is not bound with any country or any financial institution or governing body so it can be used globally all over the world And at low cost anyone from any where from country by using an internet connection can easily buy any cryptocurrency.
If there are advantages of Cryptocurrencies then there are some risks are involved too.
Risks associated with Cryptocurrency?
Buying Cryptocurrency is also considered as risky investment because it is a very volatile investment as its totally depends on the supply and demand. But it’s also true a highly risk investments generate high returns
Here is the list of risks associated with cryptocurrency ,It’s very important to aware of them before you should buy any digital currency.
1. Volatility. The value of cryptocurrency not remains all time high it may dip sometime. Everyone loves to see their investments go up and many people handles easily the minor dips in value.
2. Theft. Cryptocurrency is digital currency and there can be risk like hacking and user error. Hacking is the biggest risk to cryptocurrency and result in the form of loss for the investor who doesn’t know properly about how to take the necessary precautions to protect the coins. Lack of awareness about web vulnerabilities is main reason behind the losing cryptocurrency assets.
3. Misplacement of cardinals: — The quality of passwords that you add to protect the currency from hacker is the main thing to protect it. By putti g good quality password you can keep the hackers out of your digital wallet. But unfortunately if you forget or misplace your passwords then it would be tough for you to access it.
4. Utility: — One of the biggest problem to be resolved with cryptocurrency is that it can’t be used every where.It can used only where it is acceptable ,As at some places it is acceptable as form of payment. But it can’t be used everywhere like you cant pay your phone bill, electricity bill or buy groceries etc.
So I can say that digital money is cool and can be worth buying if you are planing to hold for long term
Buy cryptocurrencies in India
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